Earnings per Share

6 Months Ended

Jun. 30, 2020


NOTE 12—EARNINGS PER SHARE

Net income available to common shareholders, or net income less preferred stock dividends, represents the numerator used in the computation of basic and diluted earnings per common share. The denominators used in the computation of basic and diluted earnings per common share are basic and diluted weighted average common shares outstanding, respectively.

Basic weighted average common shares outstanding were 221.4 million and 221.9 million for the three and six months ended June 30, 2020, respectively, compared to 243.0 million and 244.6 million for the same periods in 2019. The difference between basic and diluted weighted average common shares outstanding includes the weighted-average dilutive impact of securities, including restricted stock units and awards, dividend equivalent units, employee stock purchase plan shares and stock options, as well as the weighted-average dilutive impact of convertible debentures. This activity represented 0.3 million shares for the three and six months ended June 30, 2020, respectively, compared to 0.5 million and 0.6 million shares for the same periods in 2019. This resulted in diluted weighted average common shares outstanding of 221.7 million and 222.2 million for the three and six months ended June 30, 2020, respectively, compared to 243.5 million and 245.2 million for the same periods in 2019. The amount of certain restricted stock and options excluded from the calculations of diluted earnings per common share due to the anti-dilutive effect was not material for the three and six months ended June 30, 2020 and 2019.